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Please help with CP 8-8. CP 8-4 and 8-7 are for references only, they are to help solve CP 8-8 Refer to the information in
Please help with CP 8-8. CP 8-4 and 8-7 are for references only, they are to help solve CP 8-8
Refer to the information in CP 8-4 and 8-7. Assume Mayr disposed of the machine on May 31, 2019. Required: Using the straight-line method of depreciation, record the disposal assuming 1. The equipment was sold for $60,000 2. The equipment was sold for $85,000 3. The equipment was sold for $71, 250. Show all calculations. Mayr Inc. purchased a machine for its factory on June 6, 2016 for $110,000. The machine is expected to have an estimated useful life of ten years with a residual value of $10,000. Assume the company uses the 1/2 year rule to calculate depreciation expense in the year of acquisition and disposal. Required: Compute the depreciation for 2016 and 2017 using 1. The straight-line method 2. The double-declining balance method. Refer to the information in CP 8-4. At December 31, 2018, Mayr revised its estimate of the machine's useful life to four years. Required: Calculate the depreciation for 2018 using 1. The straight-line method 2. The double-declining balance methodStep by Step Solution
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